CALGARY, ALBERTA -- (Marketwired) -- 10/02/14 -- Raise Production Inc. (TSX VENTURE: RPC) ("Raise" or the "Company") is pleased to announce it has completed its 2014 Annual General Meeting. At the meeting, the shareholders approved fixing the number of directors at seven, re-elected the following to serve as board members until the next annual election of directors: Dr. Sherry Austin, Mr. Dell Chapman, Mr. Marvin Clifton, Mr. Rod Graham, Mr. Robert Steele (Chairman), Mr. Ken Zinger and Mr. Eric Laing (President & CEO), and approved the appointment of Ernst & Young LLP, as the Company's auditor for the ensuing year.
The Company wishes to advise shareholders that it is continuing its efforts to develop a replacement part for the previously announced third party component that is suspected to have compromised prior deployments of its horizontal wellbore production system (the "System"). The Company is engaged with two different potential suppliers and is currently testing new components. Although a new part has yet to be qualified, the Company has seen progress and believes one will be developed and it will redeploy a test System prior to the end of 2014.
A copy of the presentation materials used during the informal portion of the Annual General Meeting is available on the Company's website at www.raiseproduction.com.
About Raise Production Inc.
The Company is an innovative oilfield service company that focuses its efforts on the production service sector, utilizing its patented products to enhance and increase ultimate production in both conventional and unconventional horizontal oil and gas wells.
This news release contains certain forward-looking statements. All statements, other than statements of historical fact, are forward looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from these anticipated in such statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Contacts:
Raise Production Inc.
Eric Laing
President and Chief Executive Officer
elaing@raiseproduction.com
Raise Production Inc.
Susan Scullion
Chief Financial Officer
sscullion@raiseproduction.com
Raise Production Inc.
(403) 699-7675
www.raiseproduction.com
